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Stanley C. Ruchelman Talks S.A.L.T., Residence, and Audit Prep with Bloomberg BNA

Stanley C. Ruchelman spoke with Bloomberg BNA's Daily Tax Report about the recent trend of high-income New Yorkers seeking to move to more tax-friendly states since the T.C.J.A. introduced a cap on S.A.L.T. deductions.

In an article published on August 15, 2018, Mr. Ruchelman was quoted on New York’s rules for defining what constitutes a resident for tax purposes and the likelihood of a New York State audit. For taxpayers seeking lower tax rates, Mr. Ruchelman advises, "Cut your contacts with the state if you want to sleep at night."

Ruchelman has created a checklist of more than 30 items for clients seeking to leave New York. Among other things, it recommends that if a New York residence is maintained, it should be in a resort area. Conversely, a new residence outside the state should be in a residential, not a vacation, area.

Read the Full Article: Leaving New York to Get Tax Relief? Prepare to Be Audited